The IPO closes on August 20, and the QIB response on the final day will be closely watched, as institutional participation typically consolidates on the last day.
The Sunshine Pictures Ltd IPO witnessed a dramatic surge in demand on its second day, with overall subscription jumping to 18.47 times as of Wednesday, up sharply from 4.33 times at the close of day one.
Total bids received stood at 10,13,11,123 shares against 54,86,051 shares on offer. The non-institutional investor (NII) category emerged as the strongest driver, subscribing 35.59 times overall. Within this segment, the sub-₹10 lakh NII bucket led with a remarkable 48.63 times subscription, while the above-₹10 lakh NII category clocked 29.07 times. Individual non-institutional bidders dominated both sub-categories, accounting for the bulk of demand.
Retail individual investors (RIIs) also saw a significant jump, with subscription rising to 21.60 times against 5.98 times on day one. Bids for 5,92,47,788 shares were received against the 27,43,023 shares reserved for the category, with cut-off price bids comprising the majority at 4,98,66,660 shares.
The QIB category, however, continued to lag, reaching only 0.14 times subscription by end of day two, up marginally from 0.03 times on day one. Mutual funds recorded a token 2,788 bids, while the “Others” sub-category within QIBs accounted for the bulk of institutional demand at 2,16,111 shares. FII participation remained negligible at 3,936 shares.
The IPO closes tomorrow, August 20, and the QIB response on the final day will be closely watched, as institutional participation typically consolidates on the last day.
SBI Securities has maintained an AVOID recommendation on the issue, citing the company’s declining revenue trend, a negative CAGR of 25.4 per cent over FY24–FY26, and rich valuation at 27.8 times FY26 post-issue earnings, with business outcomes remaining heavily contingent on box office performance.
Published on August 19, 2026
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